UPDATE: ISI Group Raises PT to $34.50 on Westar Energy on Robust 2012 EPS, 2013 Guidance

ISI Group maintained Westar Energy WR with a Buy rating and raised the price target from $33.00 to $34.50. ISI Group noted, "We are raising our '13-'15 EPS forecast and target price to $34.50 from $33. We now forecast EPS of $2.09 / $2.17 / $2.29 vs. $2.05 / $2.15 / $2.25, reflecting company guidance for '13, a stable authorized ROE at 10%, and that sales growth trends to >1% by '15 as WR is seeing signs of economic improvement with uplift in basic materials, automotive supply chain, and food products manufacturing. A 50 basis point change in expected sales growth is worth $0.03/share in '13." Westar Energy closed at $31.81 on Wednesday.